• Canadian P&C (TDCT) had strong earnings up 17% YOY to $905M, with U.S. P&C up 16% YOY to $328M. Wealth Management earnings were also strong increasing 28% YOY. Wholesale Banking earnings rebounded to $288M ($151 million before security gains) from $108M in Q3/11. Trading revenue was $286M versus a dreadful $109M in Q3/11. Trading revenue in the quarter was driven by very strong FX and equities with interest rate and credit recovering modestly.